Me and my fiance are buying a 1 bedroom apartment in Thames Ditton with a mortgage. We wish to retain our Thames Ditton solicitor, but the bank says he's not on their "panel". It appears that we have little option but to appoint one of the bank panel firms or continue with our Thames Ditton lawyer and pay for one of their panel firms to represent them. We consider that this is unjust; can we not require that the bank use our Thames Ditton solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Thames Ditton conveyancing lawyer to apply to be on the conveyancing panel.
We are acquiring our first home. The solicitor has calledto ask if we want to order extra conveyancing searches. Frankly we in the dark as to what's relevant for conveyancing in Thames Ditton
The extent of Thames Ditton conveyancing searches should be triggered based entirely on the property, the location, the possibility of any of these risks, your familiarity of the region and risks, your overall approach to risk. What is important is that you adequately appreciate what information each search could provide. Then you can decide if you consider that you need that search. Where you are uncertain, ask the solicitor to explain.
What does my ID and proof of funds have anything to do with my conveyancing in Thames Ditton? Is this really warranted?
Thames Ditton conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Proof of source of funds is also necessary under the money laundering laws as lawyers are duty bound to check that the monies you are utilising to acquire a property (be it the exchange deposit or the total purchase price where you are buying mortgage free) has come from a reputable source (such as an inheritance) and is not the product of criminal activity.
Can you help - my lawyer advises that lack of right of way insurance is necessary on my purchase. What is the level of cover for Thames Ditton conveyancing?
The appropriate level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between HSBC Bank and The Mortgage Works. Conveyancing practitioners as opposed to members of the public take out such insurances.
We expect to receive a AIP from Barclays this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Thames Ditton solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Thames Ditton solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
Barclays have agreed my mortgage in principle, my offer on a flat in Thames Ditton has been accepted, what are the next steps?
The estate agent will wish to be advised as to your property lawyer's details (ensure that the lawyers are on the lender’s approved list). Telephone Barclays or the broker and finalise any relevant forms. Barclays will sellect a valuer who will get in touch with the selling agent or vendor to book an appointment. Once carried out (assuming no problems) it takes on average a week to receive the mortgage offer. Barclays will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Thames Ditton.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Thames Ditton is the location of the property. Is there any guidance you can impart?
Flying freeholds in Thames Ditton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thames Ditton you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thames Ditton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have been recommended by a few property agents in Thames Ditton to choose a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to market your site ahead of a competitor’s?
We don’t give any commission for directing people to this site. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.